2021-11-10T08:38:53-06:00 2020-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2020-01-01 421378565 MIDLAND POWER COOPERATIVE MIDL 5153864111 1001 E LINCOLN WAY JEFFERSON IA 50129 WILLIAM MCKIM CEO 5153864111 2021-11-09 1 WILLIAM MCKIM 999009999 LAURIE HANSON CPA P00851848 6053391999 2021-11-09 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z X WILLIAM MCKIM 1001 E LINCOLN WAY JEFFERSON IA 50129 52730470 0 X WWW.MIDLANDPOWER.COOP X 1991 IA SALE OF ELECTRICITY TO MEMBERS IN CENTRAL IOWA. 12 12 58 0 8002 11704 0 0 52092072 52272525 412841 190218 -163113 -139526 52341800 52323217 20404 14760 2217414 2000507 2844838 3424257 0 0 0 44259416 43883000 49342072 49322524 2999728 3000693 127845104 136118591 64698664 68730734 63146440 67387857 TO SAFELY PROVIDE RELIABLE, AFFORDABLE, AND RESPONSIBLE ELECTRIC SERVICE WHILE ENHANCING THE COMMUNITIES WE SERVE. 0 0 MIDLAND POWER IS A RURAL ELECTRIC COOPERATIVE THAT PROVIDES ELECTRICITY TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 34 0 1 58 0 1 1 0 0 0 0 0 0 48743553 1299964 0 0 0 X 12 12 0 1 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JILL GANNON 5153864111 1001 E LINCOLN WAY JEFFERSON IA 50129 JACK RUNGE PRESIDENT 4.00 X 10722 0 0 MIKE COLEMAN VICE PRESIDENT 4.00 X 8153 0 0 RICK THOMPSON TREASURER 3.00 X 6018 0 0 RANDY CHRISTENSEN SECRETARY 3.00 X 4498 0 0 JOEL SKOW ASSISTANT SECRETARY/TREASURER 5.00 X 8077 0 0 JAMES BYRIEL DIRECTOR 3.00 X 5905 0 0 CHARLES GILBERT DIRECTOR 2.00 X 5584 0 0 WILLIAM HARLEEN DIRECTOR 2.00 X 3228 0 0 PAUL HEINEMAN DIRECTOR 3.00 X 4239 0 0 TOM INGEBRITSON DIRECTOR 4.00 X 7386 0 0 KIMBERLEY RINKER DIRECTOR 3.00 X 4953 0 0 DOUG ROBEY DIRECTOR FROM JULY THROUGH DECEMBER 1.00 X 2540 0 0 TOM ROSS DIRECTOR FROM JANUARY THROUGH JUNE 2.00 X 3895 0 0 WILLIAM MCKIM CEO 40.00 X 279796 0 122158 NORM FANDEL SENIOR VP OF BUSINESS OPERATIONS 40.00 X 117839 0 97391 JILL GANNON ACCOUNTING MANAGER 40.00 X 74842 0 35944 BRIAN KILLEEN LINE FOREMAN 51.10 X 127947 0 37241 SCOTT BENZ LINE FOREMAN 48.90 X 118822 0 38745 BARRY MUNSON LINE FOREMAN 46.50 X 113143 0 22391 JORDAN BOS FIRST CLASS LINEMAN 48.00 X 107456 0 35906 CODY BUSCHER FIRST CLASS LINEMAN 47.90 X 107689 0 35747 1122732 0 425523 6 0 1 0 STORY CONSTRUCTION 2810 WAKEFIELD CIRCLE AMES IA 50010 BUILDING CONTRACTOR 3231374 HIGHLINE CONSTRUCTION 16124 OLD LAKE RD PAYNESVILLE MN 56362 POWERLINE CONTRACTOR 1559298 ENOVUS MANAGEMENT COOPERATIVE 1005 E LINCOLN WAY JEFFERSON IA 50129 MANAGEMENT SERVICES PROVIDER 744475 CENTRAL IOWA TREE CARE 508 CRAWFORD STREET BOONE IA 50036 VEGETATION CONTROL CONTRACTOR 242282 ASPLUNDH TREE EXPERT CO 1700 SOLUTIONS CENTER CHICAGO IL 60677 VEGETATION CONTROL CONTRACTOR 211387 7 SALE OF POWER 221000 48076274 48076274 CAPITAL CREDITS 900099 3186318 3186318 MANAGEMENT FEE INCOME 900099 1009933 1009933 52272525 146433 146433 750 0 750 750 750 59357 15572 43785 43785 43785 251405 391681 -140276 -148278 8002 52323217 52124247 8002 190968 14760 2000507 582675 2051441 322994 317433 149714 1009933 141862 32059 771332 135207 88996 144837 177120 1893944 3750199 23523 COST OF POWER 33304856 DIST EXP - MAINTENANCE 1611532 DIST EXP - OPERATIONS 576000 OTHER EXPENSE 221600 49322524 4302490 2167747 601231 147222 5446500 5333198 1213906 1345492 1207760 1680733 139682423 42543951 89937571 97138472 25122998 28257747 35332 12648 12648 127845104 136118591 5170637 4612320 245363 734219 58616083 62811057 666581 573138 64698664 68730734 X 0 0 0 0 63146440 67387857 63146440 67387857 127845104 136118591 X 3000693 1240724 X 0 1 X 1 0 555526 555526 12182095 5061415 7120680 122164076 37482536 84681540 4780726 4780726 97138472 INVESTMENTS - ASSOCIATED ORG. 22330431 C ECONOMIC DEVELOP LOANS 4772907 C SPECIAL FUNDS REVOLVING LOANS 1046875 C OTHER PROGRAM INVESTMENTS 107534 C 28257747 ACCRUED POST-RETIREMENT BENEFITS 377707 CONSUMER DEPOSITS 195431 573138 X 51313284 0 51313284 1009933 1009933 52323217 46312084 0 46312084 3010440 3010440 49322524 PART X, LINE 2: THE COOPERATIVE EVALUATES ITS TAX POSITIONS THAT HAVE BEEN TAKEN OR ARE EXPECTED TO BE TAKEN ON INCOME TAX RETURNS TO DETERMINE IF AN ACCRUAL IS NECESSARY FOR UNCERTAIN TAX POSITIONS. THE COOPERATIVE WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 4B - OTHER ADJUSTMENTS: MANAGEMENT FEE INCOME 1,009,933. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2020 MARGINS TO MEMBERS IN 2021 2,000,507. MANAGEMENT FEE EXPENSE 1,009,933. X X 0 0 0 WILLIAM MCKIM CEO 264122 0 0 0 15674 0 100947 0 24391 0 405134 0 0 0 NORM FANDEL SENIOR VP OF BUSINESS OPERATIONS 117417 0 0 0 422 0 90948 0 7853 0 216640 0 0 0 BRIAN KILLEEN LINE FOREMAN 127947 0 0 0 0 0 19809 0 18557 0 166313 0 0 0 SCOTT BENZ LINE FOREMAN 118822 0 0 0 0 0 16473 0 23397 0 158692 0 0 0 SCHEDULE J, PART II, COLUMN C PER IRS INSTRUCTIONS, THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN IS INCLUDED IN SCHEDULE J, PART II, COLUMN C FOR EMPLOYEES WHO PARTICIPATE IN THE PLAN. THIS IS NOT REFLECTIVE OF ACTUAL CONTRIBUTIONS MADE TO THE PLAN DURING THE YEAR. FORM 990, PART VI, SECTION A, LINE 3 ENOVUS MANAGEMENT COOPERATIVE LEASES EMPLOYEES FROM MIDLAND POWER COOPERATIVE (MPC) AND PROVIDES MANAGERIAL, FINANCIAL, REGULATORY, SAFETY, ENGINEERING MANAGEMENT, COMMUNICATIONS, IT, AND HUMAN RESOURCES SERVICES BACK TO MIDLAND POWER COOPERATIVE AND AN UNRELATED TAX-EXEMPT ELECTRIC COOPERATIVE WITH THE SAME OVERRIDING EXEMPT PURPOSE AS MPC. THE SERVICE AGREEMENT IS A COST-BASED SERVICES AGREEMENT AND EMPLOYEES PERFORMING SERVICES FOR ENOVUS MANAGEMENT COOPERATIVE TRACK THEIR TIME IN ORDER TO PROVIDE FOR ACCURATE BILLING BETWEEN MPC AND THE UNRELATED COOPERATIVE. BILL MCKIM, CEO, IS PART OF THIS AGREEMENT AND IS THE ONLY EMPLOYEE WHO IS REQUIRED TO BE REPORTED ON PART VII. MR. MCKIM'S HOURS AND COMPENSATION AS REPORTED ON PART VII REPRESENT THE TOTAL HOURS WORKED AND FULL COMPENSATION AND BENEFITS. MR. MCKIM PROVIDES CEO SERVICES TO MPC. OF THE AMOUNT REPORTED ON PART VII FOR MR. MCKIM, COMPENSATION AND BENEFITS RELATED TO WORK AT MPC WERE $184,470 AND $54,590 RESPECTIVELY, WITH THE REMAINDER ATTRIBUTABLE TO THE PORTION OF THE MANAGEMENT AGREEMENT THROUGH ENOVUS FOR THE UNRELATED TAX-EXEMPT ELECTRIC COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE VOTING MEMBERS OF THE COOPERATIVE. EACH MEMBER HAS ONE VOTE AT THE COOPERATIVE'S ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED TO THREE YEAR TERMS BY THE MEMBERS OF THE COOPERATIVE AT THE COOPERATIVE'S ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ANY MERGERS OR AMENDMENTS TO THE ARTICLES OF INCORPORATION ARE SUBJECT TO APPROVAL BY THE COOPERATIVE'S MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B AN INDEPENDENT ACCOUNTNG FIRM PREPARES AND REVIEWS THE 990. THE 990 IS THEN REVIEWED BY THE ORGANIZATION'S OFFICERS AND ACCOUNTING PERSONNEL. ANY QUESTIONS OR CONCERNS ARE ADDRESSED AND CORRECTIONS MADE. THE 990 RETURN IS PRESENTED TO THE BOARD OF DIRECTORS AND APPROVED BY THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. EACH DIRECTOR COMPLETES A DISCLOSURE/CERTIFICATION FORM WHICH ARE REVIEWED BY THE EXECUTIVE ASSISTANT, CEO, AND THE AUDITING FIRM. OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE OF ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. IN THE EVENT A BOARD MEMBER IS FOUND TO HAVE A CONFLICT OF INTEREST, THE BOARD MEMBER WOULD BE ASKED TO RECUSE HIM/HERSELF FROM THE DISCUSSION AND VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 MIDLAND POWER COOPERATIVE'S BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW OF THE CEO USING NRECA SURVEY DATA TO DETERMINE THE RATE OF PAY. THE CEO USES THE SAME NRECA DATA THE BOARD USES IN DETERMINING THE SALARIES OF THE KEY EMPLOYEES AND HOURLY EMPLOYEES THAT ARE NON-UNION. A COMPENSATION REVIEW IS DONE ANNUALLY BY THE CEO AND MANAGEMENT STAFF. FORM 990, PART VI, SECTION C, LINE 19 ANNUAL REPORTS ARE DISTRIBUTED AT THE ANNUAL MEETING THAT CONTAIN THE FINANCIAL STATEMENTS. THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 15A MIDLAND POWER COOPERATIVE'S BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW OF THE CEO USING NRECA SURVEY DATA TO DETERMINE THE RATE OF PAY. FORM 990, PART XI, LINE 9: ALLOCATION OF 2020 MARGINS TO MEMBERS IN 2021 2,000,507. RETIREMENT OF CAPITAL CREDITS -1,015,063. CHANGES IN OTHER EQUITIES 255,280.